Two classes of J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 1999-C8, have been downgraded by Fitch Ratings.Class H was downgraded from BB-minus to B-plus, and class J was downgraded from CC to C. In addition, Fitch affirmed 10 classes in the deal. The downgrades were attributed to expected losses on a specially serviced loan. Fitch said five loans are currently in special servicing, the largest of which is secured by a vacant office property in Boston that had been 100% occupied by a government tenant whose lease expired in January 2004. The special servicer, ARCap Servicing, Inc., is pursuing a note sale on the property. "Based on a recent appraisal value, losses are expected at the time the loan is liquidated from the trust," Fitch said, adding that it expects the losses to reduce the balance of class K to zero, at which time the rating of class K will be withdrawn.
-
New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
59m ago -
Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
1h ago -
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28